FCPO Daily Commentary 17th Mar 2010

FCPO 3rd month May futures contract traded RM6 lower to close at RM2569 levels as compare to previous trading sessions with a total of 11,390 lots traded in the market. FCPO price consolidate around the support at rebounded during end on trading sessions as crude oil and soybean oil electronic trading were traded higher before trading sessions end.
FCPO price opened lower and consolidate around 450% Fibonacci support levels at RM2550 regions before starts to rebound higher during trading sessions. Technically, FCPO price seems completed short term wave count 3 at RM2545 regions and expecting rebound provided support levels at RM2545 and RM2500 were not violated during trading sessions. However, we anticipate strong resistance levels seen at RM2625 and RM2670 as our strong resistance levels while RM2704 seen as trend reversal stages on FPCO current trading.